THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 2N - ANNUAL RETURNS AND LODGMENTS WITH ASIC

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Heading amended by No 54 of 1998, Sch 5, Pt 1 (effective 1 July 1998).

Chapter 2N inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

PART 2N.1 - ANNUAL RETURNS

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Part 2N.1 inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

SECTION 346   SOLVENCY RESOLUTION - COMPANIES  

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346(1)  [Reasonable grounds]  

Within 1 month before the annual return is lodged, the directors of a company must resolve whether, in their opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

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S 346(1) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

346(2)  [Exemption]  

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Subsection (1) does not apply to a company that has lodged a financial report of the company with ASIC under Chapter 2M within 12 months before the annual return is lodged.

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S 346(2) amended by No 54 of 1998, Sch 5, Pt 2 (effective 1 July 1998).

S 346(2) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

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